Luxury jeweler Tiffany & Co said on Wednesday declines in tourist spending in th...
) said on Wednesday declines in tourist spending in the United States dragged on sales, but it reported quarterly earnings that beat estimates on increased spending by local customers in mainland China and a cut-back on marketing costs.
FILE PHOTO: A Tiffany & Co logo is seen outside the store on 5th Ave in New York, New York, U.S., March 19, 2019. REUTERS/Carlo Allegri A protracted U.S-China trade war, strong dollar and a stricter U.S. visa approval process have contributed to a near 3% drop in Chinese citizens arriving in the United States this year, pressuring American retailers that are reliant on the high-spending tourists.
The company’s quarterly same-store sales, excluding the effects of currency exchange rates, fell 3%. Analysts had expected a 1.3% decrease, according to IBES data from Refinitiv.Chief Executive Alessandro Bogliolo tried to reassure investors that while spending outside of China was down and currency headwinds and business disruptions in Hong Kong would have an impact on new product launches, sales in mainland China were robust.
The jeweler has also refreshed its collections with more affordable items such as pendants and earrings to appeal to millennials who have been gravitating to lower-priced competitors such as Denmark’s Pandora A/S (
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